Wabtec Enters Material Definitive Agreement
Ticker: WAB · Form: 8-K · Filed: Mar 18, 2024 · CIK: 943452
Sentiment: neutral
Topics: material-definitive-agreement, financial-obligation
TL;DR
Wabtec just signed a big deal, creating a new financial obligation.
AI Summary
On March 14, 2024, Westinghouse Air Brake Technologies Corporation (Wabtec) entered into a material definitive agreement related to a direct financial obligation. The filing details the creation of this obligation under an off-balance sheet arrangement. Specific details regarding the agreement, the nature of the financial obligation, and any associated dollar amounts or parties involved are not fully disclosed in the provided text.
Why It Matters
This filing indicates Wabtec has entered into a significant financial agreement, which could impact its future financial obligations and operational structure.
Risk Assessment
Risk Level: medium — The creation of a new financial obligation, even if not fully detailed, introduces potential financial risk and requires further scrutiny.
Key Players & Entities
- WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORP (company) — Registrant
- Wabtec (company) — Commonly known name for the registrant
- March 14, 2024 (date) — Date of earliest event reported
FAQ
What is the nature of the material definitive agreement entered into by Wabtec?
The filing states that Wabtec entered into a material definitive agreement, but the specific details of the agreement are not provided in the excerpt.
What type of financial obligation has been created?
The filing indicates the creation of a direct financial obligation or an obligation under an off-balance sheet arrangement, but the specifics are not detailed.
When was the earliest event reported in this 8-K filing?
The earliest event reported was on March 14, 2024.
What is the principal executive office address for Westinghouse Air Brake Technologies Corporation?
The principal executive offices are located at 30 Isabella Street, Pittsburgh, Pennsylvania, 15212.
What is the SIC code for Westinghouse Air Brake Technologies Corporation?
The Standard Industrial Classification (SIC) code for the company is 3743, which corresponds to Railroad Equipment.
Filing Stats: 1,000 words · 4 min read · ~3 pages · Grade level 10.8 · Accepted 2024-03-18 08:01:07
Key Financial Figures
- $0.01 — nge on Which Registered Common Stock, $0.01 par value per share WAB NYSE Indi
- $225.0 million — n aggregate initial principal amount of $225.0 million U.S. dollars ("2024 Term Loan Facility"
Filing Documents
- ef20024267_8k.htm (8-K) — 34KB
- ef20024267_ex10-1.htm (EX-10.1) — 750KB
- 0001140361-24-013714.txt ( ) — 1063KB
- wab-20240314.xsd (EX-101.SCH) — 4KB
- wab-20240314_lab.xml (EX-101.LAB) — 21KB
- wab-20240314_pre.xml (EX-101.PRE) — 16KB
- ef20024267_8k_htm.xml (XML) — 4KB
01
Item 1.01. Entry into a Material Definitive Agreement. As previously disclosed in the Company's Current Report on Form 8-K filed on March 11, 2024, on March 14, 2024 (the "Closing Date"), Westinghouse Air Brake Technologies Corporation (the "Company" or "Wabtec") entered into a Term Credit Agreement, dated as of March 14, 2024 (the "2024 Credit Agreement"). The 2024 Credit Agreement is a standalone credit agreement, consisting of a new term loan facility in an aggregate initial principal amount of $225.0 million U.S. dollars ("2024 Term Loan Facility"). Capitalized terms used but not herein defined are as defined in the 2024 Credit Agreement. The 2024 Term Loan Facility matures on the fifth anniversary of the Closing Date and is unsecured. The applicable interest rate for borrowings under the 2024 Credit Agreement includes interest rate spreads based on the lower of the pricing corresponding to the Company's (i) the public rating or (ii) leverage ratio, in each case that range between 1.000% and 1.750% for Term SOFR and Daily Simple SOFR-based borrowings and 0.000% and 0.750% for Alternate Base Rate based borrowings. The obligations of the Company under the 2024 Credit Agreement have been guaranteed by certain of the Company's subsidiaries. The 2024 Credit Agreement contains customary affirmative and negative covenants for credit facilities of this type, including limitations on the Company and certain of the Company's subsidiaries (collectively, the "Loan Parties") with respect to, among other things, indebtedness, liens, fundamental changes, restricted payments and restrictive agreements. So long as at the time of declaration, and after giving effect to such payments as at the time of declaration, no default or event of default exists and the Company is in compliance with the financial covenants set forth in the 2024 Credit Agreement, the Company is permitted to pay dividends and make other restricted payments. Under the 2024 Credit Agreement, the Company ha
03
Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant. The disclosure set forth above under Item 1.01 is hereby incorporated by reference into this Item 2.03.
Financial Statements and Exhibits
Financial Statements and Exhibits. (d) Exhibits The following exhibits are furnished with this report on Form 8-K: Exhibit No. Description 10.1 Term Credit Agreement, dated as of March 14, 2024, among Westinghouse Air Brake Technologies Corporation, lenders party thereto and PNC Bank, National Association as administrative agent. 104 Cover Page Interactive Data File within the Inline XBRL document. SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Company has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION By: /s/ John A. Olin John A. Olin Executive Vice President and Chief Financial Officer Date: March 18, 2024